BANGALORE, INDIA: In response to the dramatic developments that culminated into the resignation of Satyam Computer Services chairman Ramalinga Raju, Bangalore-based infotech trade union, UNITES, said that it had written to NASSCOM about fraudulent details at the fourth largest Indian IT company last year.

"On October 16, 2008, we had written to India's fourth-largest IT firm to take stand on the World Bank allegations and till date we have not heard from Satyam Computer Services," said Karthik Shekhar, secretary, UNITES.

"On the same day we wrote to Nasscom, the Prime Minister and the IT minister as well to look into the allegations by World Bank to clear the name of Satyam. However, at that time we didn't think that Ramalinga Raju himself was involved in the scam," he added.

Had the government investigated the World Bank allegations at that time, the scam would have surfaced earlier, he opined.

Karthik Shekhar alleged that the corporate world has been enjoying unbridled freedom to manipulate the markets and in the case of Satyam, SEBI cannot disown its responsibility and accountability.

He said UNITES would like the Government of India's intervention to urgently institute an inquiry with the cooperation Ministry of IT as well as Satyam chairman Ramalinga Raju to unearth the reality behind the Satyam episode.

"With the startling revelations... Satyam chairman Ramalinga Raju has brought down the reputation of the whole IT Industry's corporate governance and financial management," said Karthik Shekhar.

"The horrendous act is biggest in corporate history. It appears corporate have taken advantage of Economic liberalization and free market capitalism which is only an euphemism for casino capitalism."

He also warned that the aversion and hostility to labour movement and ignoring of International Labour Standards, whether in India or abroad, is unlikely to be helpful in the long run.